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This is the paradigmatic example of why we have securities laws: https://t.co/6dVKINsBeT
It’s usually a dentist not a pharmacist* but “Highly intelligent well-respected member of the community gets taken advantage of and loses life savings or more” can only happen so many thousands of times before guardrails get put in. * Read this as a joke not a true statement
There’s often a certain amount of chuckling in finance circles about the medical professions at this point, and I am compelled to point out that the same trade was a daisy cutter across the putatively serious professionals in crypto (after it had made some huge amounts of money).
OK if I quote the exact APR that is well into subtweet territory. For purposes of identification only: https://t.co/bCiUSquJd2
I will pre-fill the objection to this: “You don’t understand how this generates a sustainable yield. It is, skipping a lot of steps, because we charge speculators money for services. Also, don’t you TradFi people understand bonds. We have never described it as being risk-free.”
Oh pip pip for @innercitypress , who is worth a follow if you like following crime beat reporters. I only made it a screenshot rather than something more legible because Twitter lacks an easy way to cite a multiple-tweet segment of a thread.